Business Forum • 29 November, 2024 at 1:20 PM
Schoenherr advised Enery on signing virtual power purchase agreement (VPPA) with Nokian Tyres. The long-term contract will ensure zero CO2 emission energy for Nokian Tyres' new passenger car tire factory in Oradea, Romania. In addition to the energy supply, the 11-years PPA will also enable Enery to build a new solar power plant in Southern Romania, further supporting Europe's green transition.
According to Nokian Tyres, its new passenger car tire factory in Oradea will be the world's first full-scale tire factory with zero CO2 emissions, operating entirely without fossil fuels.
"PPA is one of the most effective tools for companies to reduce their carbon footprint and secure their long-term electricity costs. We see a growing interest from businesses in this solution that supports their sustainability and energy transition goals. We are happy to have advised Enery in securing a series of PPAs, backing the company's commitment to fostering a cleaner energy future," said Schoenherr partner Monica Cojocaru, who together with managing attorney at law Vlad Cordea co-led the team advising Enery in this matter.
Enery is an independent renewable energy provider dedicated to supplying its customers with reliable, affordable, long-term green energy. With a diversified green fleet currently generating almost 700 GWh of clean electricity from 490 MW and powering 277,706 households, Enery is at the forefront of driving the CEE region's transition to sustainable energy. The company's plans include ongoing development projects with more than 8 GW in 11 countries.
Nokian Tyres develops and manufactures premium tires for passenger cars, trucks and heavy machinery with sustainability at the heart of all its operations. The company, which employs 3,400 people, registered net sales of €1.2 billion in 2023. Nokian Tyres is listed on Nasdaq Helsinki.
The Schoenherr team advising Enery in this matter was led by Monica Cojocaru (partner) and Vlad Cordea (managing attorney at law) and included Cristina Olariu (attorney at law).
Schoenherr is a leading regional law firm, with 15 offices and four country desks in Central and Eastern Europe and South-Eastern Europe. The firm has been active in Romania since 1996, providing full-service legal advice to local and multinational companies. Schoenherr Romania is ranked in by all major legal directories that survey the legal market (Chambers and Partners, Legal500, IFLR1000) for its activity in energy.